The project would be produced by Overbrook Entertainment, led by James Lassiter, Ken Stovitz and Smith's parents, Academy Award-nominated actor Will Smith and actress Jada Pinkett-Smith, in partnership with rap artist Jay-Z. Murphy, who recently directed the Julia Roberts film "Eat, Pray, Love" for Sony, is also on the shortlist to direct a film version of the hit Broadway musical Wicked at Universal, and is being considered for a remake of "The Rocky Horror Picture Show" for Fox.

Smith has appeared in the films "I Am Legend" and "Kitt Kittredge: An American Girl" and had a hit single with the song "Whip My Hair!" Her parents, along with Jay-Z, were co-producers of the recent Broadway musical Fela!.

Annie, which premiered on Broadway in 1977, was previously filmed in 1982 and remade for ABC-TV in 1999.